United Engineers Owners Said to Pick Perennial for Final Talks
(Bloomberg) -- United Engineers Ltd.'s largest shareholders picked Perennial Real Estate Holdings Ltd. for final talks to buy the century-old Singapore property group, people with knowledge of the matter said.
Perennial, led by Chief Executive Officer Pua Seck Guan, edged out other suitors including KKR & Co. and SingHaiyi Group Ltd. that also submitted final bids, the people said, asking not to be identified because the information is private. An agreement could be reached as soon as next month for United Engineers, which has a market value of S$1.7 billion ($1.2 billion), according to one of the people.Â
Any deal will add to the $11.6 billion of acquisitions in Singapore's real estate industry over the past 12 months, data compiled by Bloomberg show. A buyer of United Engineers would gain a property portfolio that includes Singapore shopping centers like Rochester Mall and mixed-used developments such as UE BizHub City, as well as condominiums, hotels and serviced apartments, according to its website.Â
The company's biggest investors, Oversea-Chinese Banking Corp. and its insurance unit Great Eastern Holdings Ltd., said in January they're reviewing their stakes in United Engineers and its closely held engineering subsidiary WBL Corp. Before it proceeds with an offer, Perennial is seeking clarification from Singapore regulators on the procedures for a simultaneous purchase of the investors' holdings in both companies, according to one of the people.Â
A deal could be delayed or fall apart, and another buyer could still emerge, the people said. OCBC and Perennial declined to comment in emailed statements, while representatives for KKR and SingHaiyi didn't immediately respond to requests for comment.
OCBC, Great Eastern and the bank's founding Lee family own more than 30 percent of United Engineers, people with knowledge of the matter said in September. Buying their shareholdings would trigger a mandatory takeover offer for the company under Singapore rules.
Perennial, a Singapore-based developer and landlord, owns stakes in projects including the Chinatown Point retail and office complex and AXA Tower in the city-state's central business district, according to its website.
--With assistance from Daniela Wei and Pooja Thakur
To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net.
To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Timothy Sifert
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
